What To Know
- The growing outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain rising healthcare costs, rising demand for niche services (such as care management and fraud detection services), and the need for structured processes and documentation in the healthcare industry are all contributing to the healthcare BPO market growth.
- Cloud-based BPO services are expected to become more popular in the future, and in turn, are expected to provide lucrative growth opportunities for the healthcare BPO market players during the forecast period.
Healthcare BPO Market is segmented By Type – Healthcare Payer BPO, Healthcare Provider BPO, Healthcare Pharmaceutical BPO, Healthcare BPO Market By Application – Research and Development, Manufacturing, Non-Clinical Services. Global Opportunity Analysis and Industry Forecast 2021 – 2027. It is published in Valuates Reports under the Health Category.
The global Healthcare BPO market size is projected to reach USD 316930 Million by 2027, from USD 178070 Million in 2020, at a CAGR of 8.6% during 2021-2027.
Major Factors Driving The Growth Of The Healthcare BPO Market Are:
The growing outsourcing in the pharmaceutical and biopharmaceutical industries, the need to contain rising healthcare costs, rising demand for niche services (such as care management and fraud detection services), and the need for structured processes and documentation in the healthcare industry are all contributing to the healthcare BPO market growth.
The rise of nearshore outsourcing destinations and access to technology is also a major driving factor for the healthcare BPO market. Companies have started outsourcing their business processes to BPO service providers in the same region since nearshore gives them the advantage of cultural, time zone, and language similarities, which helps them produce better-quality services.
Increased government support through investments and the provision of higher-quality treatment techniques are likely to boost the healthcare BPO market’s growth prospects. In addition, the availability of qualified operators in customer care services has a substantial impact on the global healthcare BPO market demand.
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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE BPO MARKET
Increasing nearshore outsourcing is expected to drive the growth of healthcare BPO. Companies have started outsourcing their business processes to BPO service providers in the same region since nearshoring gives them the advantage of cultural, time zone, and linguistic similarities, which helps them produce better-quality services. Companies have also begun to focus on protecting their outsourced operations and limiting socio-economic risks through similar currency and regulatory regimes, which might help accelerate the growth of nearshore outsourcing destinations and technology access.
Increasing pressure to reduce the rising healthcare costs is expected to further augment the Healthcare BPO market. Outsourcing allows organizations to save money on resource management, labor, and space, all of which are key considerations. The emergence of health insurance exchanges (online marketplaces for purchasing health insurance from competing providers) in the United States is putting pressure on healthcare payers’ margins. This allows consumers to acquire coverage from competing private healthcare providers, which is expected to accelerate the adoption of outsourcing as a cost-cutting strategy. As a result, rising healthcare costs are likely to promote offshore outsourcing and, as a result, the global healthcare BPO industry.
Cloud-based BPO has transformed business outsourcing operations, assisting healthcare firms in lowering costs, developing global delivery models, and ensuring safe data access. Cloud-based BPO services are expected to become more popular in the future, and in turn, are expected to provide lucrative growth opportunities for the healthcare BPO market players during the forecast period.
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Healthcare BPO Market Share Analysis:
Based on region, North America is expected to be the most lucrative during the forecast period. The growth of the healthcare BPO market in North America is being driven by factors such as rising demand to decrease costs and improve services, as well as changing regulatory restrictions.
Based on application, the research and development segment is expected to be the most lucrative during the forecast period. Increasing research and development activities with the growing prevalence of introducing quality drugs or vaccines are propelling the demand of this segment.
Healthcare BPO Market By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
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Healthcare BPO Market By Company
- Quintiles
- HCL
- Cognizant
- Covance
- Accenture
- Inventiv
- Catalent
- Parexel
- Lonza
- Boehringer Ingelheim
- Charles Rivers
- Genpact
- Sutherland
- PremierBPO
- Firstsource
- PPD
- GeBBS Healthcare
- Indian Healthcare BPO
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SIMILAR REPORTS :
– The global Life Sciences BPO market size is projected to reach USD 243320 million by 2027, from USD 149550 million in 2020, at a CAGR of 7.1% during 2021-2027.
– The global Customer Care BPO market size is projected to reach USD 81040 million by 2027, from USD 53950 million in 2020, at a CAGR of 6.0% during 2021-2027.
– The global Healthcare Provider Network Management market size is projected to reach USD 3696 million by 2027, from USD 2373 million in 2020, at a CAGR of 6.1% during 2021-2027.
– The global Business Process Outsourcing (BPO) market size is projected to reach USD 241370 million by 2027, from USD 180440 million in 2020, at a CAGR of 4.2% during 2021-2027.
– The global BPO Business Analytics market size is projected to reach USD 174480 million by 2027, from USD 113510 million in 2020, at a CAGR of 6.3% during 2021-2027.
– The global healthcare payer services market was valued at USD 19,409.52 million in 2019, and is projected to reach USD 41,906.64 million by 2027, registering a CAGR of 10.6% from 2020 to 2027.
– The global Contract Research Organization (CRO) market size is projected to reach USD 124230 million by 2027, from USD 58000 million in 2020, at a CAGR of 11.4% during 2021-2027.d
– Global Healthcare Supply Chain BPO Market Size, Status and Forecast 2021-2027
– Global Cloud Business Process Outsourcing (BPO) Market Size, Status and Forecast 2021-2027
– Global Insurance Business Process Outsourcing (BPO) Market Size, Status and Forecast 2021-2027
– Global IT and BPO Services Market Size, Status and Forecast 2021-2027
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